According to MarkNtel Advisors study the Global Commercial Vehicle Tire Market is projected to grow at a CAGR of around 5.29% during the forecast period, i.e., 2023-28.

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Key Findings of the Study: Commercial Vehicle Tire market

Global Commercial Vehicle Tire Market Driver:

Mounting Sales of Agricultural Vehicle Tires, Pushed by Farm Mechanization Trends: Agriculturally deprived economies have begun to incorporate farm machinery equipped with the IoT and automation techniques in order to ramp up their yields. Due to labor shortages and the increased need for enhanced agricultural productivity, farm mechanization trends are gaining traction in various countries worldwide and, in turn, augmenting the demand for heavy agricultural machinery, such as tractors, combines, & harvesters, among others, which require reliable & durable tires for heavy-duty operations.

Moreover, the growing proliferation of precision farming that involves the use of GPS & various sensors to collect data on the exactness of water, fertilizers, pesticides, & herbicides required to achieve the most yield-per-acre of land is another prominent aspect accelerating the demand for agricultural vehicle tires, such as IF (Increased Flexion) & VF (Very-High Flexion) farm tires, which are equipped with features to facilitate precise movements & farming operations, help decrease soil compaction, and increase yields, consequently driving the Global Commercial Vehicle Tire Market.

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Scope of the Report and Commercial Vehicle Tire Market Segmentation:

By Vehicle Type

• Light Commercial Vehicle
  • Light Truck
  • Light Bus
  • Pickup Trucks and Vans
• Medium & Heavy Commercial Vehicle
  • Truck
  • Bus

By Tire Type

• Radial
• Bias

By Price Category

• Budget
• Economy
• Premium

By Sales Channel

• Multi-brand Stores
• Exclusive Outlets
• Online

By Demand Type

• OEM
• Aftermarket

By Application

• Cargo Transportation
• Public Transportation
• Oil & Gas Transportation
• Others (Construction Material Transportation, Towing, etc.)

By Tire Size

• Light Commercial Vehicle
  • 225/75R16
  • 245/75R16
  • 245/75R17
  • 265/70R17
  • Others (265/75R16, 285/70 R17, etc.)
• Medium & Heavy Commercial Vehicle
  • 295/75R22.5
  • 225/70R19.5
  • 295/90R20
  • 295/80R22.5
  • Others (11R22.5, 11R24.5, 245/70R19.5, etc.)

Here, Cargo Transportation acquired a sizable market share in the historical period. It owes principally to the rapidly expanding logistics industry worldwide, one of the largest sectors with a high requirement for commercial vehicles of all categories to transport goods across different geographies.

Commercial Vehicle Tire Market Development:

• In May 2023, Yokohama Off-Highway Tires (YOHT) launched Agri Star II R – I, a radial tire equipped with SLT (Stratified Layer Technology) that ensures higher lug competency, and after 40% wear, a multi-angle profile layer of the lug comes in contact with the ground, resulting in increased contact area at the central portion, enhanced grip, and better roadability of the tire.
• In February 2023, Continental launched its largest tractor tire to date, the VF TractorMaster in size VF900/60R42. With a diameter of 2,147 millimeters, the tire is larger than a door frame and weighs 450 kilograms with a load index of 189 (10,300 kilograms). The tire size has been developed by the company specifically to be able to carry the weight of agricultural machinery with over 300 horsepower.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Of all regions globally, Asia-Pacific is expected to emerge as the largest Commercial Vehicle Tire Market during 2023-28.

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